Rents rise 9.3%. How much does it cost per square meter?

Income with significant increase in the last quarter of the year

The National Institute of Statistics (INE) revealed updated data on the rental market, cited by Notícias ao Minuto. In 2024, the median value of rents for new contracts in Portugal was set at 7.97 euros per square meter.

The regions with above average prices per square meter nationally were:

• Greater Lisbon, with €13.06/m²

• Península de Setúbal, at €9.99/m²;

• Autonomous Region of Madeira, with 9.60 €/m².

• Algarve, at €9.41/m²

• Metropolitan Area of Porto, with €8.85/m².

Last quarter of 2024 with significant increase

Between October and December 2024, 2,445 new lease contracts were signed in the country, with a median rent of €8.43/m². This value represents a 9.3% growth compared to the same period of the previous year, although slightly lower than the previous quarter (9.8%). 

Compared to the fourth quarter of 2023, the number of new contracts increased by 3.4%.  

Regional differences

With the exception of the Terras de Trás-os-Montes area, where there was a 7.6% decrease, all other NUTS III sub-regions presented increases in median income.

The highest incomes were recorded in:

• Greater Lisbon - €13.49/m²

• Algarve - 10.39 €/m²

• Setúbal Peninsula - €10.35/m²

• Madeira - 10.19 €/m²

• Porto Metropolitan Area - €9.31/m².

Guimaraes stands out in the rise of rents

In the 24 municipalities with over 100,000 inhabitants, all recorded year-on-year increases in median income in the last quarter of 2024. The greatest percentage growth was observed in Guimarães, with an increase of 20.3%.

Lisbon continues to be the municipality with the highest median rent (16.04 €/m²), although with a more moderate growth (3.4%), below the national average.

Regarding the number of new contracts, 14 of these 24 municipalities showed growth above the national average. The largest increase was recorded in Vila Nova de Gaia, with a jump of 26.5%.

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Read more: What is the best time to apply for a housing loan?